Congressional Calendar May 6, 2010

Despite a court ruling declaring it unconstitutional, the National Day of Prayer will be celebrated on Capitol Hill. At 9:00 a.m. ET, members of the house defy court orders and participate in a National Day of Prayer observance in the Cannon House Office Building. Shortly thereafter the National Day of Prayer Task Force holds an observance on the West Steps of the Capitol building.

At 10:00 a.m. ET, Attorney General Eric Holder discusses the proposed fiscal year 2011 budget for his department. We expect him to face plenty of questions on the failed Times Square car bombing and the chief suspect in that failed attack, Faisal Shahzad.

Financial regulatory overhaul legislation continues its long, slow march in the Senate. In the 11:00 hour, Democrats and Republicans will hold separate press conferences to tout their efforts to strengthen consumer protections.

In other money news, Treasury Secretary Timothy Geithner talks about the shadow banking system before the Financial Crisis Inquiry Commission at 9:00 a.m. ET. Legislators hope the pending overhaul bill will bring some of these entities into the light, as they are seen by many as a large contributor to the current crisis.

A bipartisan, bicameral group of lawmakers introduces the Terrorist Expatriation Act at a 12:00 p.m. ET press conference. The act hopes to strip Americans who provide material support to a foreign terrorist organization of their citizenship. Critics say this act is overbroad, sweeping up people who have no idea they are interacting with a terrorist organization. Proponents claim it will deter Americans from cooperating with terrorists.

The 10th Amendment, which declares powers not delegated to the federal government are delegated to the individual states, is the inspiration for a new working group on Capitol Hill. The 10th Amendment Task Force, led by Rep. John Culberson, R-Texas, hopes to decentralize power from Washington, DC and restore it to states and local governments.